Writing for City AM, Deshpande highlights the factors that have led to calls for Saudi’s economic renewal: slowing growth, vast government overspending, a spiralling budget deficit and dwindling foreign currency reserves.

Deshpande believes that – in the short-term – pressure from the global oil market will likely hinder Saudi Arabia’s chances of implementing the high volume and low-to-medium oil price strategy that is pivotal to the Kingdom’s revival.